Bitcoin Aims to Regain $60,000 as Traders Buy the Dip

Bitcoin Aims to Regain $60,000 as Traders Buy the Dip

Created by TradeOr

3rd Party Analysis 28 Oct 2021

Key Takeaways:

    • Crypto assets push higher on Thursday after a quick drop a day earlier
    • Bitcoin price gyrates above $59,000 as traders seize the chance to buy the dip

    What’s Today’s News in Crypto?

    The cryptocurrency market tumbled on Wednesday as traders and crypto investors retreated their trades from coins valued near all-time highs. A week after hitting a record high valuation of $2.7tn, the entire digital asset space slipped to levels near $2.5tn.

    The swift move downward arrived for no obvious reason. However, some investors had previously expected a minor pullback from the highs set last week when bitcoin peaked at $67,000.

    With this in mind, the price of bitcoin on Wednesday dropped 5% and dipped under $60,000 for the first time in 10 days. As a result of the selling wave, the original cryptocurrency reached a low of $58,000. Later in the session, the digital asset managed to pare back some losses and ended the day near $59,000.

    Analysts say the correction could be linked to profit-taking after a family of Bitcoin ETFs landed for trading on Wall Street. Indeed, three Bitcoin-linked exchange-traded funds are now trading side by side with traditional stocks and other assets in the financial market.

    What’s the Price of Bitcoin?

    It’s been a week since the first Bitcoin ETF launched and by now the hype has subsided considerably. Against that backdrop, the price of bitcoin on Thursday is still struggling to recover. Presently, the orange coin is floating above its opening levels around $59,000 per coin.

    Since reaching the all-time high last Wednesday, the price of bitcoin has pulled back 12%. However, crypto backers remain calm saying the fundamentals of the crypto rally are still solid.

    In other words, the consistently growing support and adoption of digital assets continue accelerating. In addition, rules and regulations over crypto are expected to be friendly and allow the rally to resume. Given the bright outlook for crypto, traders and investors are taking the chance to buy the dip in the price of bitcoin today.

    How to Buy Bitcoin?

    With all that in mind, many of those waiting on the sideline could use the opportunity to grab bitcoin under $60,000. Are you one of those? Then, check our Buying Bitcoin guide where you’ll learn the steps toward making your bitcoin purchase in a matter of minutes.